What credit score do I realistically need to even qualify for a home loan?
I am not talking about a great interest rate loan, but just baseline, what credit score do I need to qualify for a loan at all? Due to some student loan troubles over the last 12 months, my credit score plummetted into the 500s (from around 700), but I make 6 figures with minimal debt so I'm wondering where I need my credit score to be before I can even consider a mortgage.
January 31st, 2010 at 4:21 pm
Usually you need a minimum FICO of 620. Some lending programs may work if you pay several percentage points for the loan.
This rate sheet shows you would have to pay 3 points http://www.cashcallmortgage.com/RatesPDF.aspx
January 31st, 2010 at 4:23 pm
You probably need to get your score in the 600's, but if you can have a healthy down payment that definately helps as you won't be trying to obtain as large of a mortgage
January 31st, 2010 at 5:33 pm
You need a FICO score of at least 620 to even be considered for an FHA loan. Conventional loans want a score of at least 720 - 740, plus 20% down and closing costs.
The negative student loan problems could be enough to keep you from getting approved even IF you had a score in the high 700s. You may have to wait till you have 24 months of consistent, on time payments showing on the student loans.
January 31st, 2010 at 5:46 pm
620 or higher for an FHA loan. I recommend going to a bank and sitting down with someone there to pull your credit and have them give you an idea of exactly what you need and what time frame you could have it done in. Good luck!
February 1st, 2010 at 12:57 am
My name is faith sandi,i live in califonia, i promise to share this Testimony because of God favor in my life, weeks ago, i was in desperate need of money so I thought of having a loan then,I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 700USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to MIKE JODA FIRM, she said she was given 70,000 USD by MIKE JODA,THE MANAGING DIRECTOR OF MIKE JODA LOAN FIRM. and i emailed him and told him about my situation and after nomal procedures i got my loan from his company,you can email him via mikejoda.firm@gmail.com
If you which to confirm, email me via faithsandi@yahoo.com
February 1st, 2010 at 1:54 am
Depending on the actual cost of the home, you could get an FHA. That is 3 percent down, and a good interest rate. If you are on top of your debts, and making all payments on time, then you are good to go.
On average you need to be above a 600, and for a conventional 680 with a good rate. But with an FHA. Your score does not even play a factor in your loan.
February 1st, 2010 at 1:52 pm
Hi, my name is Amanda fisher, i was in serious need of financial aid due to the current global
financial melt down finding such was very difficult. i was so desperate even to the extent that
i got scammed to the tune of eight thousand dollars.($8,000 dollars).
But God finally came to my rescue when i came across Mr William Smith who eventually secured for
me the loan that i have so desperately wanted. You can reach him via email on
williamsmith.loansupport@gmail.com
N.B; Please be careful while searching for financial assistance because there are fraudsters
surfing the internet looking for people to swindle of their hard earned money
February 1st, 2010 at 9:02 pm
I am Mrs. Loveth Cole from Canada, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to T&T LOAN FIRM, she said she was given 50,000USD by MR THOMAS, THE MANAGING DIRECTOR OF T&T LOAN FIRM . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email (ttravis@blumail.org) I am sure he will help you.
February 1st, 2010 at 11:04 pm
Responding to a referral here on yahoo answers, has given me the loan i so requested months back that i never got,
So contacting him for your loan is a sure thing Okay..
I was referred here on yahoo answers..
contact him via email at kelvingateloans@gmail.com
Sanhdrah
February 2nd, 2010 at 4:54 am
i try to write the answers your problem in my blog http://www.mystructuredsettlement.co.cc you can see any problem in my blog.
February 2nd, 2010 at 6:58 am
You are required to have a FICO score of at least 620. Basically, the percentage will affect how the loan qualification will go.